Coming off increasing international sales, Sara Lee Corp. announced Tuesday that it plans to spin off its international coffee and tea business instead of the North American business, led by meats brands such as Jimmy Dean.
The move represents a revision of a plan to create two separate companies that was announced in January.
Mike Cummins Sara Lee spokesman Mike Cummins announced that the company had reported higher sales across nearly all businesses, led by the international beverage unit.
“As we began to get into the details of separating the two businesses, we determined there are greater efficiencies to be gained from spinning off the International Coffee business,” Executive Chairman Jan Bennink said in a statement.
Shares rose 2.2% in recent trading to $19.10, according to a Wall Street Journal report. The company expects the split up to be complete in early 2012.
For the complete story: Wall Street Journal